Software giant exceeds $100 billion in annual revenue for first time

Microsoft Corp. topped $100 billion in annual revenue for the first time as the software giant remakes itself from a legacy software provider into a power player in cloud computing.

Much of that growth has come from persuading customers who run Microsoft’s software in their own data centers to mix in cloud services, a business known as hybrid-cloud computing. Microsoft remains a distant No. 2 in the cloud business behind Amazon.com Inc., but has established itself as a viable option for companies beginning the transition....